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Offsetting Assets and Liabilities

12 Months Ended

Dec. 31, 2015

Offsetting Assets and Liabilities [Text Block]

Note 13 – Offsetting Assets and Liabilities

Certain financial instrument-related assets and liabilities may be eligible for offset on the consolidated statements of condition because they are subject to master netting agreements or similar agreements. However, the Company does not elect to offset such arrangements on the consolidated financial statements. The Company enters into interest rate swap agreements with financial institution counterparties. For additional detail regarding interest rate swap agreements refer to Footnote 20 within this section. In the event of default on, or termination of, any one contract, both parties have the right to net settle multiple contracts. Also, certain interest rate swap agreements may require the Company to receive or pledge cash or financial instrument collateral based on the contract provisions.

The Company also entered into an agreement to sell securities subject to an obligation to repurchase the same or similar securities, referred to as a repurchase agreement. Under this agreement, the Company may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Company to repurchase the assets. The obligation to repurchase the securities is reflected as a liability in the Company’s consolidated statement of condition, while the securities underlying the repurchase agreements remain in the respective investment securities account, therefore there is no offsetting or netting of the investment securities assets with the repurchase agreement liability. The following table presents information about financial instruments that are eligible for offset as of December 31, 2015 and December 31, 2014:

							Gross Amounts Not Offset
			Gross Amounts
			Offset in the		Net Amounts				Cash or
			Statement of		of Assets Presented		Financial		Financial
	Gross Amounts		Financial		in the Statement of		Instruments		Instrument		Net
	Recognized		Position		Financial Position		Recognized		Collateral		Amount
	(in thousands)
December 31, 2015
Assets:
Interest rate
swaps	$	—	$	—	$	—	$	—	$	—	$	—
Liabilities:
Interest rate
swaps	$	131	$	—	$	131	$	—	$	131	$	—
Repurchase
agreements		15,000		—		15,000		—		15,000		—
Total	$	15,131	$	—	$	15,131	$	—	$	15,131	$	—
December 31, 2014
Assets:
Interest rate
swaps	$	48	$	—	$	48	$	—	$	—	$	48
Liabilities:
Interest rate
swaps	$	—	$	—	$	—	$	—	$	—	$	—
Repurchase
agreements		31,000		—		31,000		—		31,000		—
Total	$	31,000	$	—	$	31,000	$	—	$	31,000	$	—

For the year ended December 31, 2014 there was no financial collateral pledged to our interest rate swaps. As these swap positions were not within the contractually agreed upon collateral requirement there was no collateral pledged to, or from, the respective counterparties.